Key Impact Points:
- COP29 in Baku focuses on funding for global climate action amid rising tensions over fossil fuel reliance and emissions commitments.
- Donald Trump’s re-election casts uncertainty on U.S. participation and global climate efforts as he eyes exiting the Paris Agreement again.
- Developing nations call for new climate finance goals, seeking at least $1 trillion annually to support sustainable transitions.
COP29 Kicks Off Amid Global Tensions
The 2024 UN climate summit, COP29, has begun in Baku, Azerbaijan, drawing over 32,000 participants from 198 countries. This summit, branded the “finance COP,” aims to secure greater funding for climate action and emissions reduction, especially for lower-income countries. Yet, controversy surrounds the event’s location and timing.
Greta Thunberg labeled the summit a “greenwash conference,” spotlighting the paradox of hosting it in a fossil fuel-dependent nation.
Trump’s Return and Its Implications
The re-election of Donald Trump as U.S. president adds complexity. While a U.S. delegation led by John Podesta will participate, any firm commitments are stalled until Trump’s second inauguration in January 2025. His potential withdrawal from the Paris Agreement could heavily impact global climate targets.
Trump’s past withdrawal from the Paris pact and questions over the reality of climate change put the U.S. role at COP29 in question.
The High Stakes of Climate Finance
Funding commitments are a key challenge. Developing countries, apart from China, need over $2 trillion annually by 2030 for effective climate action. A report commissioned by the UK and Egypt suggests rich nations and investors should contribute $1 trillion, with the rest sourced domestically.
“The world’s poorer nations are now calling for a new goal of at least $1 trillion per year,” highlighting the ongoing financial gap.
Notable Attendees and Agendas
COP29 features diverse representation, including climate activists, NGOs, scientists, and government leaders. For the first time, the Taliban will attend, marking Afghanistan’s participation in global climate talks since 2021. Nationally Determined Contributions (NDCs), updated every five years, will be central to discussions, with a deadline approaching in early 2025.
Progress Since COP28
Last year’s COP28 in Dubai resulted in a commitment to “transition away from fossil fuels.” However, this goal is notably absent from this year’s agenda, potentially due to Azerbaijan’s reliance on oil and gas, which form 90% of its exports.
An advocacy group revealed Elnur Soltanov, Azerbaijan’s deputy energy minister, was recorded discussing new fossil fuel deals before COP29.
2024: A Year of Climate Extremes
The EU’s Copernicus Climate Change Service reports that 2024 is virtually certain to be the warmest year on record, accompanied by severe weather events like Hurricane Milton, which claimed 18 lives in Florida.
The IEA’s newly established tracker continues to monitor progress toward energy-related net-zero targets, set for 2050.
What Lies Ahead?
With Trump’s climate skepticism, the summit’s focus on securing global commitments remains more crucial than ever. The outcomes of COP29 will shape the climate finance landscape and test international unity amid shifting political and environmental landscapes.
Related Article: Show us the Money: Finance Central at COP29
